Analysts Set Allegro MicroSystems, Inc. (NASDAQ:ALGM) PT at $52.33

Posted by Defense World Staff on Sep 17th, 2023

Allegro MicroSystems, Inc. (NASDAQ:ALGM – Get Free Report) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $52.33.

A number of equities research analysts recently commented on the company. Wolfe Research assumed coverage on Allegro MicroSystems in a research report on Wednesday, July 19th. They set a “market perform” rating on the stock. Mizuho increased their price target on Allegro MicroSystems from $50.00 to $56.00 in a research report on Thursday, July 20th. Needham & Company LLC restated a “buy” rating and set a $50.00 price target on shares of Allegro MicroSystems in a research report on Wednesday, August 9th. Barclays increased their price target on Allegro MicroSystems from $50.00 to $60.00 in a research report on Thursday, July 20th. Finally, Wells Fargo & Company upped their price objective on Allegro MicroSystems from $52.00 to $60.00 in a report on Wednesday, July 26th.

Get Our Latest Analysis on ALGM

Allegro MicroSystems Trading Down 3.0 %

ALGM stock opened at $32.79 on Thursday. Allegro MicroSystems has a 1-year low of $19.80 and a 1-year high of $53.05. The firm has a market cap of $6.31 billion, a P/E ratio of 26.88 and a beta of 1.80. The business’s 50 day moving average is $41.96 and its 200-day moving average is $42.00. The company has a current ratio of 4.56, a quick ratio of 3.43 and a debt-to-equity ratio of 0.02.

Allegro MicroSystems (NASDAQ:ALGM – Get Free Report) last released its quarterly earnings data on Tuesday, August 1st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.02. Allegro MicroSystems had a return on equity of 26.17% and a net margin of 23.67%. The company had revenue of $278.29 million for the quarter, compared to analyst estimates of $275.00 million. Equities analysts anticipate that Allegro MicroSystems will post 1.25 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Joseph R. Martin sold 17,000 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $38.73, for a total value of $658,410.00. Following the transaction, the director now owns 22,374 shares of the company’s stock, valued at approximately $866,545.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 9.70% of the stock is currently owned by company insiders.

Institutional Trading of Allegro MicroSystems

Several hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates increased its holdings in Allegro MicroSystems by 6.3% during the 1st quarter. Raymond James & Associates now owns 43,038 shares of the company’s stock worth $1,222,000 after purchasing an additional 2,550 shares in the last quarter. US Bancorp DE grew its holdings in shares of Allegro MicroSystems by 981.5% in the 1st quarter. US Bancorp DE now owns 2,455 shares of the company’s stock valued at $70,000 after acquiring an additional 2,228 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Allegro MicroSystems by 201.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,158 shares of the company’s stock valued at $33,000 after acquiring an additional 774 shares in the last quarter. AlphaCrest Capital Management LLC bought a new position in shares of Allegro MicroSystems in the 1st quarter valued at about $317,000. Finally, MetLife Investment Management LLC bought a new position in shares of Allegro MicroSystems in the 1st quarter valued at about $74,000. Institutional investors and hedge funds own 50.63% of the company’s stock.

Allegro MicroSystems Company Profile

(Get Free Report

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers; and photonic and advanced 3D sensing components.